Frequently Asked Questions
We have provided guidance and suggested language for a bequest in A Guide to Bequests and Beneficiary Designations section on this Web site.
By notifying the Office of Trusts, Estates, and Gift Planning, you may earn gift credit at Cornell, participate in a class Reunion campaign or other campaign, and receive an invitation to join the honorary Cayuga Society. Cornell also benefits by learning of assets that may be available to it in the future. Cornell credits planned gifts made through another service provider in the same way it credits planned gifts administered by the Office of Trusts, Estates, and Gift Planning.
We record as a charitable gift the full contribution to a life-income arrangement (charitable gift annuity, charitable remainder trust, or pooled life income fund). Bequests or tentative designations are credited as gift intentions. Permanent designations in an irrevocable trust may be credited as a cash gift. The entire expected income stream from a charitable lead trust is credited at the time of contribution, but discounted somewhat. Please contact the Office of Trusts, Estates, and Gift Planning with further questions.
For a Reunion campaign, any planned gift that receives university gift credit is included in the class’s total effort. Notice of a bequest will earn you membership in the Cayuga Society and boost your class’s Cayuga Society total, which is tracked as part of your class Reunion campaign effort.
Planned gifts, including bequests, are often included in support of campaign efforts. The crediting guidelines are different for each campaign, however. Because the financial proceeds from many planned gifts are not available until sometime in the future, such gifts (with the possible exception of a charitable lead trust) may not be suitable to support current needs of the university, such as new construction.
You may designate any planned gift to a specific college, unit, scholarship, or other purpose within Cornell University. Gifts that are available to the university or a college or school without restrictions on their use are also very valuable to university leadership, because they allow flexibility in putting the funds to their best use. As with any gift, you should discuss any intended restrictions on the use of your gift with the relevant staff at Cornell to determine that the gift can be effectively applied.
We have designed many planned gifts that benefit other charities in addition to Cornell.
The Office of Trusts, Estates, and Gift Planning has worked effectively with these types of stock. We have streamlined procedures so as not to encumber the donor’s corporate activity, established a special account dedicated to holding securities that are not immediately marketable, and cooperated with donors in sale decisions to avoid control issues for family businesses. Further information is available in the Gifts of Appreciated Securities section at this Web site.
Tax ID # 15-0532082